The ‘Discard ITR’ feature has emerged as a valuable tool for taxpayers seeking to rectify errors in their filed income tax returns (ITRs). This feature serves as a delete option for ITRs that have been submitted but are still pending verification. However, it comes with certain caveats and considerations that taxpayers must be mindful of.
When to Discard: Unveiling the Process
The ‘discard’ option is particularly beneficial for individuals who discover mistakes in their filed ITRs after submission. This feature allows them to delete the incorrect ITR and submit a new one with the necessary corrections. It’s important to note that the discard option is exclusively available for unverified ITRs. Once the e-verification process is complete, the discard button becomes inaccessible, requiring any corrections to be addressed through a revised return.
Important Considerations: Timing and Obligations
While the discard ITR feature provides flexibility, taxpayers should be aware that the filing of a new return after discarding is obligatory. The new filing date must adhere to the due date specified in income tax provisions to avoid potential penalties and interests associated with belated returns.
Irreversible Action: Exercise Caution
Choosing to discard an ITR is an irreversible action. Taxpayers must exercise caution and carefully evaluate the need for discarding, as a discarded ITR is considered as not filed at all. The income tax department expects the submission of a new ITR in place of the discarded one.
In summary, the ‘Discard ITR’ feature offers a solution for correcting errors in filed returns, but users should approach it with caution, understanding the implications and obligations associated with this decision.